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Smartphone models tailored for the elderly are also expected to gain increasing attention. (Image: GettyImageBank/CCL)
SEOUL, Jan. 30 (Korea Bizwire) — As South Korea approaches the milestone of 10 million senior citizens aged 65 and older, businesses are being urged to tap into the rising purchasing power of this demographic, according to a new report from the Korea Chamber of Commerce and Industry (KCCI).
The report, titled ‘GG Market Strategy Report,’ defines the ‘Grand Generation’ (GG) as individuals born between 1950 and 1971 who remain active in economic, social, and leisure activities. With the nation entering a super-aged society, this group is emerging as a key driver of consumer demand.
Unlike traditional seniors, the GG does not perceive itself as old, often living with a ‘perceived age’ at least a decade younger than their biological age. This mindset necessitates that companies tailor products and services to align with their youthful outlook rather than conventional senior marketing strategies.
One major trend among the GG is the rising emphasis on ‘everyday anti-aging,’ particularly in the beauty and wellness industries.
As a result, the inner beauty market, which includes collagen, hyaluronic acid, and other health supplements, is expected to reach 2 trillion KRW by 2025. Similarly, the demand for personalized nutrition, functional health foods, and medical foods is set to expand.

A senior receives help on how to use a digital kiosk at a restaurant, in this file photo taken Oct. 17, 2022. (Image courtesy of Yonhap)
Moreover, the increasing number of ‘silver surfers’—digitally savvy older consumers—requires businesses to integrate ICT-based solutions in healthcare and daily support services. As digital adoption continues to grow, companies are expected to introduce more tech-enabled products to cater to this demographic.
The GG’s preference for premium experiences also presents opportunities for luxury brands. As time becomes a more valued commodity than money, this generation seeks aspirational and investment-driven consumption, with strong interests in travel and new experiences.
The report highlights the importance of influencer marketing targeting GG consumers, as peer-driven consumption trends, or ‘Ditto Consumption,’ gain traction. Senior influencers with strong brand alignment could play a pivotal role in shaping purchasing decisions.
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Services linking artificial intelligence (AI) to customized care for the elderly are expanding. (Courtesy of SK Telecom)
Additionally, as the philosophy of ‘I am responsible for my own retirement’ gains momentum, companies are advised to develop self-sufficient aging solutions, such as independent living products and outsourced senior care services.
The increasing desire for social engagement beyond family ties, including friendships and neighborhood networks, suggests a growing demand for senior-specific community platforms.
“The perception of seniors as dependent or financially struggling is outdated,” the report states, urging businesses to shift from an MZ-generation-focused strategy and recognize the expanding economic influence of the GG market over the next 30 years.
Jang Geun-moo, head of KCCI’s Distribution and Logistics Promotion Center, emphasized, “Companies must acknowledge the diverse income levels and needs of elderly consumers and offer tailored products and services accordingly.”
As South Korea faces an era of rapid aging, businesses that adapt to this demographic shift will be best positioned to thrive in the evolving consumer landscape.
M. H. Lee (mhlee@koreabizwire.com)